December 14, 2010
INSTITUTIONAL REAL ESTATE LETTER, NORTH AMERICA: “HISTORICAL FUND PERFORMANCE: HOW LEVERAGE, SIZE AND VINTAGE IMPACT RETURNS” BY TERRY AHERN AND CHRISTOPHER LENNON OF TOWNSEND GROUP, APRIL 2010
Investment Opportunity: Townsend’s Ahern and Lennon make the case that opportunistic funds do not offer enhanced risk-adjusted returns, larger funds do not outperform smaller funds and the best vintage periods occurred when the GDP was at its lowest.
